Thursday, February 23, 2006

H&R Blockheads

Another reason to use TurboTax ...

H&R Block Inc., which provides tax advice to millions of Americans, made an embarrassing confession on Thursday. It goofed on its own taxes.

The company, which is in the middle of its make-or-break season preparing other people's tax returns, said it had underestimated its own "state effective income tax rate" in previous quarters -- meaning it owes another $32 million in back taxes.

As a result, H&R Block said it would restate previously reported earnings going all the way back to 2004.

In related news, a Shell Petroleum executive ran out of gas on the interstate, a McDonald's fry cook starved to death and a GAP employee was found wandering naked on the streets.

OK, so maybe that last one isn't too far of a stretch if you replaced "streets" with "bathroom in a gay bar."


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